Stock market today: Wall Street drifts in quiet trading after returning from 3-day weekend

U.S. stock indexes are drifting near their record heights after Wall Street returned from a three-day weekend. The S&P 500 was up 0.1% early Tuesday and just below its record set last week. The Dow Jones Industrial Average was down 111 points, and the Nasdaq composite was up 0.4% after setting its latest all-time high. U.S. Cellular climbed after T-Mobile US said it would buy most of the company in a deal valued at $4.4 billion, including debt.

GameStop, one of the original meme stocks, is off and running again, jumping more than 25% in premarket trading. After the bell Friday, the video game retailer announced that it had sold the maximum number of shares in its most recent offering — 45 million — bringing in more than $933 million for the company.

That stubborn inflation has made it difficult for the Fed to cut interest rates, which typically boosts the stock market. In Asian trading, Chinese markets rose and then fell after senior leaders of the ruling Communist Party met and affirmed Beijing’s determination to contain financial risks. The housing industry plays a huge role in driving the economy and its troubles have weighed on growth.

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